AUBURN HILLS, Mich., August 4 /PRNewswire/ -- ITT Automotive, a unit of
ITT Industries, Inc. (NYSE: IIN), has entered into an agreement to sell its
North American seat adjuster and recliner business to Lear Corporation
(NYSE: LEA). Terms of the transaction, announced jointly today by both
companies, were not disclosed. ITT Automotive's seat systems business in
Europe is not part of the agreement, nor is certain seat track business for
The ITT Automotive business for seating systems includes power seat
adjusters, recliners and related components. The business accounted for
approximately $200 million in sales during 1996, according to ITT Automotive.
"This decision is consistent with our commitment to focus on systems and
components that offer the greatest long-term strategic and competitive
advantages to ITT Automotive," said Frank Macher, president of ITT Automotive.
"This is a positive step for our business and provides good opportunities for
the employees in the Seat Systems group."
Assets involved in the agreement include ITT Automotive plants in Walker,
Roscommon and Elsie, Mich.; and St. Thomas, Ontario, Canada. The business
unit employs approximately 1,000 individuals.
ITT Industries (http://www.ittind.com) is a leading worldwide diversified
manufacturing company with 1996 sales of $8.4 billion from its three primary
business segments: Automotive, Defense & Electronics, and Fluid Technology.
ITT Automotive is one of the world's largest independent suppliers of systems
and components to automotive manufacturers. ITT Defense & Electronics is a
world leader in the design, manufacture and support of high technology
electronic systems and components for defense and commercial markets. ITT
Fluid Technology is one of the world's leading manufacturers of products,
systems and services for the movement, measurement and control of fluids.
In addition to the New York Stock Exchange, ITT Industries' stock is
traded under the symbol ("IIN") on the Midwest, Pacific, London, Frankfurt and
ITT Industries and its subsidiaries' news releases are available at no
charge via fax and the Internet. For ITT Industries news and information on
the Internet, visit http://www.ittind.com. To receive releases by fax, call
800-758-5804, extension 110006 for ITT Industries, or extension 437525 for ITT
SOURCE ITT Automotive
CONTACT: Media, Jim Gill, APR, 248-340-3895, or
firstname.lastname@example.org, or Analysts, T. Economou, 914-641-2032,
both of ITT Automotive, or ITT Automotive's web address,